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HB2474 |
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LRB095 00894 BDD 20896 b |
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| reportable transaction (including a listed transaction) in |
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| which the taxpayer participated in a taxable year for which a |
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| return is required under Section 502 of this Act, such taxpayer |
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| shall file a copy of such disclosure with the Department. |
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| Disclosure under this subsection is required to be made by any |
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| taxpayer that is a member of a unitary business group that |
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| includes any person required to make a disclosure statement |
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| under Treasury Regulations Section 1.6011-4. Disclosure under |
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| this subsection is required with respect to any transaction |
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| entered into after February 28, 2000 that becomes a listed |
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| transaction at any time, and shall be made in the manner |
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| prescribed by the Department. With respect to transactions in |
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| which the taxpayer participated for taxable years ending before |
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| December 31, 2004, disclosure shall be made by the due date |
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| (including extensions) of the first return required under |
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| Section 502 of this Act due after the effective date of this |
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| amendatory Act of the 93rd General Assembly. With respect to |
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| transactions in which the taxpayer participated for taxable |
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| years ending on and after December 31, 2004, disclosure shall |
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| be made in the time and manner prescribed in Treasury |
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| Regulations Section 1.6011-4(e). Notwithstanding the above, no |
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| disclosure is required for transactions entered into after |
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| February 28, 2000 and before January 1, 2005 (i) if the |
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| taxpayer has filed an amended Illinois income tax return which |
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| reverses the tax benefits of the potential tax avoidance |
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| transaction, or (ii) as a result of a federal audit the |